HF 726

as introduced - 84th Legislature (2005 - 2006) Posted on 12/15/2009 12:00am

A bill for an act
relating to the city of Mounds View; changing certain
requirements relating to a tax increment financing
district.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1. new text begin CITY OF MOUNDS VIEW; TAX INCREMENT FINANCING
DISTRICT.
new text end

new text begin Subdivision 1. new text end

new text begin Establishment. new text end

new text begin The city of Mounds View
may establish within the corporate boundaries of the city one or
more redevelopment tax increment financing districts subject to
the special rules under subdivision 2 within the area bounded
by, and including, on the north County Road J west of Coral Sea
Street and 82nd Lane NE east of Coral Sea Street, on the east
Coral Sea Street north of 82nd Lane NE and Interstate Highway
35W south of 82nd Lane NE, on the south and southwest U.S.
Highway 10, and on the west the western boundary of Outlot A,
Sysco, according to the recorded plat thereof, and situated in
Ramsey County, Minnesota.
new text end

new text begin Subd. 2. new text end

new text begin Special rules. new text end

new text begin (a) If the city elects upon the
adoption of the tax increment financing plan for the district,
the rules under this section apply to redevelopment tax
increment financing districts established by the city of Mounds
View or a development authority of the city in the area
described in subdivision 1.
new text end

new text begin (b) The five-year rule under Minnesota Statutes, section
469.1763, subdivision 3, does not apply.
new text end

new text begin (c) The limitations on spending increment outside of the
district under Minnesota Statutes, section 469.1763, subdivision
2, and the 90 percent limitation under Minnesota Statutes,
section 469.176, subdivision 4j, do not apply, but increments
may only be expended on costs, improvements, or activities
within the area defined in subdivision 1 and related to
development occurring within the area defined in subdivision 1,
whether or not included in a redevelopment tax increment
financing district, including, but not limited to, payment of
bonds and interfund loans of the city, acquisition and removal
of existing billboards, acquisition of land and easements,
administrative expenses, sanitary sewer, sewer, and water
improvements, wetland mitigation, pedestrian pathways, lighting,
and road improvements. Notwithstanding the preceding sentence,
increments may be expended on costs, improvements, or activities
outside the area defined in subdivision 1, wherever located,
whether or not included in a redevelopment tax increment
financing district, for sanitary sewer, sewer, and water
improvements and improvements to Coral Sea Street, Airport Road,
82nd Lane NE, County Road J, U.S. Highway 10, and Interstate
Highway 35W so long as such improvements are related to
development occurring within the area defined in subdivision 1.
new text end

new text begin (d) The certified original local tax rate for the district
under Minnesota Statutes, section 469.177, subdivision 1a, does
not apply.
new text end

new text begin (e) The requirements for qualifying a redevelopment
district under Minnesota Statutes, section 469.174, subdivision
10, do not apply to the area defined in subdivision 1. The area
defined in subdivision 1 shall be deemed eligible for the
purpose of qualifying for inclusion in a redevelopment district.
new text end

new text begin Subd. 3. new text end

new text begin Expiration. new text end

new text begin The authority to approve tax
increment financing plans to establish a tax increment financing
district under this section expires on December 31, 2019.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective upon approval
by the governing body of the city of Mounds View and upon
compliance by the city with Minnesota Statutes, section 645.021,
subdivision 3.
new text end